GNRC (9/22/13, +0.00%)
Last week all the major U.S. indexes continued to move higher. The NASDAQ and NYSE composite each climbed 1.4%, the S&P 500 gained 1.3%, and the Dow added 0.5%. The IBD outlook remains at “confirmed uptrend”. With the latest FOMC meeting now in the rear view mirror, investors’ attention will turn to the growing spectacle that is the political brawl over the ongoing financing of the U.S. Government. As predicted, the partisan demagoguery is increasing in both volume and nastiness. Expect increased market volatility as the absurd, exaggerated, and childish rhetoric builds to a crescendo and slams into the September 30th deadline. The market will likely make a big move at that point, the direction depending on whether they pry a fiscal deal or a government shutdown from the wreckage. Have a plan for either outcome and be prepared to execute it quickly. That said, for now, the market is in an uptrend with reasonable distribution levels, continue to play the hand dealt until the deck gets reshuffled.
This week two of the watch list stocks are near proper buy points. GNRC, trading at $43.60, broke out of a late 4th stage double bottom base on good volume and is just above a $43.27 buy point. MA, trading at $685.74, is still within 5% of a $657.08 buy point off of a late 4th stage flat base.
/as usual, your mileage may vary, always do your own homework
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